Craig Hallum Begins Coverage on Avid Bioservices (NASDAQ:CDMO)

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Craig Hallum assumed coverage on shares of Avid Bioservices (NASDAQ:CDMO) in a research note released on Wednesday, BenzingaRatingsTable reports. The firm issued a buy rating and a $11.00 price objective on the biopharmaceutical company’s stock.

A number of other brokerages also recently commented on CDMO. ValuEngine downgraded Avid Bioservices from a buy rating to a hold rating in a research note on Thursday, September 26th. Janney Montgomery Scott raised Avid Bioservices from a neutral rating to a buy rating and set a $10.00 price target for the company in a research report on Friday, June 28th. TheStreet cut Avid Bioservices from a c- rating to a d+ rating in a research report on Thursday, September 12th. HC Wainwright set a $11.00 price target on Avid Bioservices and gave the stock a buy rating in a research report on Friday, September 6th. Finally, Zacks Investment Research cut Avid Bioservices from a hold rating to a sell rating in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $8.95.

Shares of CDMO stock opened at $5.19 on Wednesday. Avid Bioservices has a 1-year low of $3.37 and a 1-year high of $7.15. The company has a current ratio of 1.78, a quick ratio of 1.50 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $291.89 million, a price-to-earnings ratio of -30.53 and a beta of 2.72. The stock’s fifty day simple moving average is $5.67 and its 200-day simple moving average is $5.19.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings results on Thursday, September 5th. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.05). Avid Bioservices had a negative net margin of 9.63% and a negative return on equity of 11.89%. The business had revenue of $15.25 million for the quarter, compared to analysts’ expectations of $14.37 million. The company’s revenue for the quarter was up 21.1% compared to the same quarter last year. On average, sell-side analysts predict that Avid Bioservices will post -0.16 EPS for the current year.

In related news, CEO Richard B. Hancock purchased 10,000 shares of Avid Bioservices stock in a transaction on Tuesday, September 10th. The stock was bought at an average price of $5.09 per share, with a total value of $50,900.00. Also, major shareholder Joseph Carleone purchased 15,247 shares of Avid Bioservices stock in a transaction on Monday, September 9th. The stock was bought at an average cost of $9.20 per share, with a total value of $140,272.40. 1.20% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in CDMO. Marshall Wace LLP lifted its position in shares of Avid Bioservices by 128.1% during the 1st quarter. Marshall Wace LLP now owns 274,945 shares of the biopharmaceutical company’s stock worth $1,168,000 after purchasing an additional 154,393 shares during the last quarter. Weiss Asset Management LP lifted its position in shares of Avid Bioservices by 82.8% during the 1st quarter. Weiss Asset Management LP now owns 24,958 shares of the biopharmaceutical company’s stock worth $106,000 after purchasing an additional 11,308 shares during the last quarter. Sanders Morris Harris LLC acquired a new position in shares of Avid Bioservices during the 2nd quarter worth about $246,000. Valeo Financial Advisors LLC lifted its position in shares of Avid Bioservices by 238.9% during the 2nd quarter. Valeo Financial Advisors LLC now owns 19,737 shares of the biopharmaceutical company’s stock worth $111,000 after purchasing an additional 13,913 shares during the last quarter. Finally, Legato Capital Management LLC lifted its position in shares of Avid Bioservices by 6.0% during the 2nd quarter. Legato Capital Management LLC now owns 419,478 shares of the biopharmaceutical company’s stock worth $2,349,000 after purchasing an additional 23,655 shares during the last quarter. 43.21% of the stock is owned by institutional investors.

About Avid Bioservices

Avid Bioservices, Inc, a biologics contract development and manufacturing company, focuses on the development and current Good Manufacturing Practices (cGMP) manufacture of biopharmaceutical products derived from mammalian cell culture. It provides a range of process development, cGMP clinical, and commercial manufacturing services for the biotechnology and biopharmaceutical industries.

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